Business UpdateQ4 and Full Year 2017

Adama Agricultural Solutions Ltd., one of the world's leading crop protection companies, and Hubei Sanonda Co.,

Ltd. have combined, creating the only integrated, publicly traded Global-China crop protection company.

The Combined Company is to be renamed

Legal notice

2

This presentation is for marketing and information purposes only. By this presentation, Hubei Sanonda Co., Ltd. (the

“Company” or “ListCo”) and Adama Agricultural Solutions Ltd (“Adama Solutions”) (together, “ADAMA” or “the Combined

Company”) does not intend to give, and the presentation does not constitute, professional or business advice or an offer

or recommendation to perform any transaction in the Combined Company’s securities. The accuracy, completeness

and/or adequacy of the content of this presentation, as well as any estimation and/or assessment included in this

presentation, if at all, is not warranted or guaranteed and the Combined Company disclaims any intention and/or

obligation to comply with such content. The Combined Company may make improvements and/or changes in the

features or content presented herein at any time. The Combined Company shall not be liable for any loss, claim, liability

or damage of any kind resulting from your reliance on, or reference to, any detail, fact or opinion presented herein.

This presentation contains proprietary information of the Combined Company and may not be reproduced, copied,

disclosed or utilized in any way, in whole or in part, without the prior written consent of the Combined Company.

The Combined Company’s assessments may not materialize, inter alia, due to factors out of the Combined Company's

control, including the risk factors listed in the Combined Company’s annual report, changes in the industry or potential

operations of the Combined Company's competitors.

All information included in this presentation relates only to the date which it refers to, and the Combined Company does

not undertake to update such information afterwards.

ADAMA reports best ever results for Combined Company

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+6% +44% +15%

Sales NetIncome

EBITDA FreeCash Flow

>$3.5bn $280m$646m $310m

Halving Net Debt to

$442mNet Debt / EBITDA

of 0.7x

Strong final quarter drives 2017 sales above $3.5bn mark, 15% EBITDA growth to $646m and 44% Net Income growth over the year

% ChangeFY 2016FY 2017% ChangeQ4 2016Q4 2017Adjusted, ($ million)

+5.8%3,3313,523+13.0%726821Sales

+14.8%1,0771,237+20.2%221265Gross Profit

32.3%35.1%30.4%32.3%As % of Sales

730800190220Operating Expenses

+25.7%347436+45.9%3145Operating Income (EBIT)

10.4%12.4%4.3%5.5%As % of Sales

+44.3%194280NM-226Net Income

5.8%8.0%-0.2%3.1%As % of Sales

+15.0%561646+19.2%84100EBITDA

16.9%18.3%11.5%12.2%As % of Sales

0.06920.11960.00030.0109Earnings per Share – USD

0.45300.81530.00180.0720– RMB

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The results of the Combined Company are presented after restatement of prior periods to include the financial position, results of operations and cash flow of Solutions. All income statement items contained in this

release are presented on a combined, adjusted basis, reflecting the performance of the Combined Company. 2016 Net income items are shown before allocation to non-controlling interests.

Revenues grew by 10.0% in constant currency terms in the quarter and by 5.0% in the full year period.

Earnings per share are the same for basic and diluted. The number of shares used to calculate earnings per share in 2017 is 2,341.9 million shares, including the issuance of shares as part of the combination

transaction. The number of shares used to calculate earnings per share in 2016 is 1,677.9 million shares, reflecting the issuance of shares as part of the combination transaction in 2017, yet excluding the portion of

the 2016 non-controlling interest.

Sales

Significant sales and profit growthQ4 2017

5

221

265

Gross Profit EBITDA

Sales ($mm)

726

821

Gross Profit ($mm)

and Margin (%)

Net Income ($mm)

and Margin (%)

Net Income

-2

26 84

100

EBITDA ($mm) and Margin (%)

Q4 2017

Q4 2016

Sales +13.0% Gross profit +20.2% EBITDA +19.2% Net margin +3.3pp

30.4%

32.3%

11.5%

12.2%

3.1%

Gross margin +1.9pp EBITDA margin +0.7ppVolumes +11.3%

Sales

Record high full year resultsFY 2017

6

1,077

1,237

Gross Profit EBITDA

Sales ($mm)

3,331

3,523

Gross Profit ($mm)

and Margin (%)

Net Income ($mm)

and Margin (%)

Net Income

194

280 561

646

EBITDA ($mm) and Margin (%)

FY 2017

FY 2016

Sales +5.8% Gross profit +14.8% EBITDA +15.0% Net income +44.3%

32.3%

35.1%

16.9%

18.3%

5.8%

8.0%

Gross margin +2.8pp EBITDA margin +1.4pp Net margin +2.2ppVolumes +8.0%

Ongoing reduction in working

capital levels

Significantly reduced leverage driven by further improvement of working capital, robust cash flow

7

1,361 1,331

Dec-16 Dec-17

Working Capital($mm and % of LTM Sales)

-$30m

Drives strong cash flow

generation

586

310

Operating Cash Flow Free Cash Flow

Cash Flow($mm)

Sharply reduced leverage

869

442

Dec-16 Dec-17

-$427m

Balance Sheet Net Debt($mm and Net Debt / EBITDA)

1.5x

0.7x

40.9%

37.9%

BusinessUpdate

Adama has Become the Only Integrated Global-China Player

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Combination and full integration with Sanonda

Combined Company is publicly traded from Day 1

Name of Combined Company to change to ADAMA

Shares included on SZ-HK Stock Connect, providing access

to international investors

RMB 1.5 billion (USD 240 million) in new equity raised from

China’s leading institutional investors

Immense strategic and competitive edge

FlotationIntegration

Bringing China to the World

Bringing the World to China

Procurement

Excellence

Commercial

Leadership

Global

Chemical R&D

Center

Our China ClusterAlready making a significant contribution

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Advanced

Manufacturing

Backbone

(AI Synthesis)

Partner of

Choice as only

Global-China

crop protection

leader

State-of-the-art

Formulation

Center

Marked domestic and export growth via ADAMA’s global network

Regional Update

Region

Europe

North America

Latin America

Asia Pacific

India, Middle East & Africa

Total

Regional sales performanceQ4 2017 vs. Q4 2016

12

13.0%

20.9%

36.8%

1.1%

6.6%

18.9%

0% 5% 10% 15% 20% 25% 30% 35% 40%

15.9%25.8%

20.8%

Sales change by region

USD terms

Constant currency terms

12.9%

6.4%

(0.4)%

31.6%

10.0%

of which, China:USD: +59.8%

CER: +52.5%

Adjusting for Indian tax

regime change

Region

Europe

North America

Latin America

Asia Pacific

India, Middle East & Africa

Total

Regional sales performanceFY 2017 vs. FY 2016

13

5.8%

10.0%

22.2%

0.5%

6.3%

(0.1)%

-5% 0% 5% 10% 15% 20% 25%

7.6%

Sales change by region

USD terms

Constant currency terms

0.9%

6.2%

(2.5%)

21.5%

5.0%

15.3%

of which, China:USD: +41.6%

CER: +42.7%

Adjusting for Indian tax

regime change12.8%

Regional highlights

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• Sales in Europe increased both in quarter and full year

• Particularly strong increase in sales (+13% in CER) in the quarter, driven by significant

volume growth of an increasingly differentiated portfolio

• Adverse weather conditions impacted overall level of demand in Europe, keeping

pressure on prices, somewhat moderating strong volume growth

Northern Europe:

• Continued positive performance with increased market share in almost all markets in

the region

• Strong performance in Ukraine and Russia resulting from combination of differentiated

product offering and tailor-made services to local farmers

• Wet conditions in Scandinavia, Baltic countries, Poland and Germany caused

decrease in planted areas of winter crops, reducing demand for cereal and oilseed

rape herbicides and aphid insecticides. Adverse conditions led to high channel

inventories, maintaining pressure on pricing

Southern Europe:

• Dry conditions in many countries, most notably in Spain, led to a reduced autumn

cereals herbicide season

• Strong performance in CEE (esp. Romania, Hungary), with strong quality of business

driven by greater proximity to farmers, provision of differentiated and tailored solutions

Europe

France: Successful launch of

ELYSIUM®, differentiated mixture

herbicide for orchards and grapes

Also launched KANTIK®, a new 3-

way fungicide for powdery mildew and

eyespot in cereals

Regional highlights

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• Strong performance in Brazil and most countries in the Andean region and

Central America in both the quarter and the full year

• In Q4, moderate volume growth offset by pricing pressure from constrained

demand due to drought conditions in Argentina and Central America, reduced

insect pressure in Brazil and still elevated channel inventories across the region

Brazil:

• Significant 10% market share increase driven by continually improving product

offering and innovative tools and services offered to distributors and farmers for

improved credit and collections

• Good performances from key products:

− Unique dual mode of action insecticide GALIL® for sustainable control of

stinkbugs

− POQUER®, a systemic, highly selective graminicide herbicide for post-

emergence control of annual and perennial grasses in range of crops

− ARREIO®, a selective and systemic mixture herbicide for control of variety of

weeds in pastures

Colombia, Mexico, Chile and Peru:

• Good performances from a number of key products, including NIMITZ®,

MASTERCOP®, a preventative fungicide for use in a wide range of fruit and

vegetables, and ACADIA-BIO®, an innovative fungicide with anti-stress

technology

18% growth in sales in

Central America

Argentina revamp

Latin America

Argentina: Field meeting observing

ACADIA-BIO® results

Obtaining Regulatory Approval for Flagship NIMITZ® in Brazil

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Nimitz is a highly effective novel, non-fumigant nematicide with increased user safety and simplified application

NIMITZ® applied to a strawberry field in the US

Already registered in US, Mexico, Australia, Israel, Korea,

Canada, Japan, Chile and other countries around the world

Farmers voted for outstanding Ag retailers – winning retailer won

$15,000 to donate back to a worthy cause in its local community

Regional highlights

17

North America

• Strong sales increase in the quarter and the full

year, driven by volume growth, including of

backward integrated products such as ACEPHATE

97® and ETHEPHON

• Hurricanes in southern US in Q3 significantly

impacted growers in the region and disrupted

certain manufacturing facilities, exacerbating an

already tight global intermediate supply

environment

• Good performance in Canada, supported by

initiatives focusing on brand awareness and

deepening relationships with retailers and farmers

Canada: “Thank a Retailer” campaign

Regional highlights

18

• Robust +32% growth in Q4 sales, and +22% in full year, driven by significant

increase in differentiated product volumes

• Strong performances in Vietnam, Indonesia, Australia and Korea, partially

offset by dry conditions in New Zealand and Indonesia, low insect pressure

affecting cotton insecticides in Australia

• Registrations obtained for a number of differentiated products:

– CORMORAN® for insect control in coffee in Vietnam

– IMPOSE® herbicide for peanut, sugarcane and fallow in Australia

– KRAGAN® ready-mix herbicide for pineapple in Thailand

• New marketing initiatives in Thailand focusing on fostering farmer engagement,

led to an increase in brand awareness and to demand creation

Asia Pacific

Thailand: Launch of MAYORAL

herbicide for sugarcane

All commercial activities being integrated into single platform:

• Strong brand

• Nationwide market access

• Portfolio of >200 advanced, differentiated products, supported by key basics

• >200 salespeople from combined sales forces

Rapidly expanding presence in the large and fast-growing Chinese market

19

43

180

68

255

Q4 FY

China Sales ($m)

2016 2017

Driving Strong Performance:

• Significant increase in sales and profitability, driven by both increase in volumes and prices, partly due to the tightened supply environment

• Expansion of product portfolio; dozens of new product registrations achieved, multiple product launches underway, eg:

− BANG CHAO®, a mixture fungicide for late blight in potatoes

− APROPO®, a broad-spectrum systemic fungicide for rice

− JICHU™, a differentiated herbicide for wheat

• Strong demand for wheat herbicides and other key backward-integrated products

Reaching 21 Provinces

Actual in 2017

Planned by 2018

Planned by 2019

East Inner Mongolia

West

+60%

+42%

Regional highlights

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• Robust 26% increase in sales in the quarter and 15% in the full year (adjusting for the

change in the Indian tax regime)

• Strong performance driven by significant volume growth, despite unfavorable weather

conditions with an unstable monsoon season in India and drought in South Africa

India:

• Good performance from ACEMAIN®, a broad spectrum systemic insecticide benefiting

from Combined Company’s end-to-end value chain

South Africa:

• Rains in the corn areas in the north of the country compensated for the ongoing severe

drought in the Western Cape, which impacted wheat and vine products

Movingfrom

#3 to #2

India, Middle East & Africa

Innovative AgTech and digital solutions deployed worldwideMore than 20 solutions in 11 countries

21

Bridge Analysis

726

82 (5)(5) 22 821

Sales bridge analysisQ4

23

Q4 2016 Quantity

Variance

Price

VarianceFX Q4 2017

+11.3%

India Tax

Change

22125 2 1

16 265

Gross profit bridge analysisQ4

NOTE: Price variance includes mix effect, and is negatively impacted due to India GST change; Cost variance includes Sanonda reclassification of certain COGS to R&D; FX variance includes FX effect on

sales, costs and currency hedging

24

Q4 2016 Q4 2017Quantity

Variance

Cost

Variance

Price

Variance

33.8%

35.4%

FX

India GST impact of -$5m

on Price & Cost Var

84

25 ( 1 ) 0 ( 21 )10 100

EBITDA bridge analysisQ4

Q4 2016 Q4 2017

25

11.5%

12.2%

Quantity

Variance

Cost

Variance

Price

Variance

FXOperating

Expenses

NOTE: Price variance includes mix effect, and is negatively impacted due to India GST change; FX variance includes FX effect on sales, costs and currency hedging

India GST impact of -$5m

on Price & Cost Var

3,331

267 (78)(24) 26 3,523

Sales bridge analysisFull year

26

+8.0%

FY 2016 Quantity

Variance

Price

VarianceFX FY 2017India Tax

Change

1,077 75 (34)95 24 1,237

Gross profit bridge analysisFull year

27

FY 2016 FY 2017Quantity

Variance

Cost

Variance

Price

Variance

32.3%

35.1%

FX and

Hedging Gap

NOTE: Price variance includes mix effect, and is negatively impacted due to India GST change; Cost variance includes Sanonda reclassification of certain COGS to R&D; FX variance includes FX effect on

sales, costs and currency hedging

India GST impact of -$24m

on Price & Cost Var

561

76 (34)82 (50) 12

646

EBITDA bridge analysisFull year

FY 2016 FY 2017

28

16.9%

18.3%

Quantity

Variance

Cost

Variance

Price

Variance

FXOperating

Expenses

NOTE: Price variance includes mix effect, and is negatively impacted due to India GST change; FX variance includes FX effect on sales, costs and currency hedging

India GST impact of -$24m

on Price & Cost Var